Goyal meets exporters, assures govt support amid trade uncertainties

New Delhi, Sept 3: Amidst trade uncertainties due to high tariffs imposed by the US, the Government today assured the exporters of every support to navigate recent challenges but asked the exporters to upgrade product quality, align with global standards, diversify supply chains, and explore alternate markets.

Union Minister of Commerce and Industry Piyush Goyal held a meeting with Export Promotion Councils (EPCs) and Industry Associations to address rising global tariffs and explore solutions. There was a broad consensus on the need for alternative mechanisms, with the Government committed to addressing sectoral concerns and driving sustained export growth, an official statement by the Ministry of Commerce and Industry said.

The Trump administration has imposed 25% reciprocal tariffs on India and an additional 25% levies for Delhi’s purchases of Russian oil, bringing the total duties imposed on India to 50%, among the highest in the world. India has called the tariffs imposed by the U.S. “unjustified and unreasonable”.

The Government-Exporters meeting primarily centred on recent developments regarding tariff increases on certain Indian products. Exporters and industry representatives highlighted the challenges posed by these tariff barriers, their impact on the competitiveness of Indian goods in key international markets, and emphasized the need for targeted, sector-specific interventions.

Goyal reaffirmed the Government’s unwavering commitment to safeguarding the interests of Indian exporters amidst the evolving global trade scenario. He assured industry representatives that the Government is actively engaged in creating an enabling environment to help exporters navigate recent challenges.

EPCs and industry associations from sectors including Textiles, Apparel, Engineering, Gems & Jewellery, Leather, Medical Devices, Pharmaceuticals, Agriculture, and Services raised sector-specific concerns. They appreciated the Government’s proactive engagement and assured their full support in enhancing India’s trade resilience.

Emphasising a proactive approach, the Minister highlighted ongoing efforts to find long-term solutions in the national interest. He urged exporters to upgrade product quality, align with global standards, diversify supply chains, and explore alternate markets.

The Minister emphasized that India’s long-term goal is to strengthen domestic manufacturing, boost exports. He assured EPC and industry representatives that the Government remains committed to providing a supportive ecosystem through ease of doing business initiatives, targeted trade support, and timely policy interventions to mitigate the impact of rising tariff measures.

The government is working on an export promotion mission. Rs 2,250 crore was budgeted for the mission. As part of the immediate or short-term response, the government is considering several steps to ease liquidity, prevent insolvencies, and provide greater flexibility for units in SEZs, and promote targeted import substitution.

According to sources, officials from India and the US are working on a trade deal and are likely to see a positive outcome by the end of the year.